Home loan approvals continue to rise

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Home Loan Approvals Up in April 2015

The number of home loan approvals increased during April 2015 according to the ABS. Home loan approvals rose 1%, confounding economists’ expectations of a 2% fall. The total value of housing finance rose 2.9% in April to $32.71 billion.

Interest Rate Cut

The Reserve Bank cut the cash rate at its February meeting to 2.25% in an attempt to stimulate the economy.

First Home Buyers Increase

The ABS data also showed a rise in the share of first-home buyers entering the housing market in April. Mortgages to first-home buyers as a percentage of total housing finance commitments was April 15.2%, March 14.7%, and February 15.1%.

 

Written by Terry Ryder

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